Mr. Speaker, I am pleased to present this income trust broken promise petition on behalf of Mr. George Soulis, from Toronto, Ontario, who remembers the Prime Minister boasting about his apparent commitment to accountability when he said the greatest fraud is a promise not kept.
The petitioners remind the Prime Minister that he had promised never to tax income trusts, but he recklessly broke that promise by imposing a 31.5% punitive tax which permanently wiped out $25 billion of the hard-earned retirement savings of over two million Canadians, particularly seniors.
The petitioners therefore call upon the Conservative minority government to first, admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; second, to apologize to those who were unfairly harmed by the promise; and finally, to repeal the punitive 31.5% tax on income trusts.